CS/CS/HB 245 Summary

• Allows eligible surplus lines insurers to participate in Citizens Property Insurance Corporation depopulation, take-out, and keep-out programs on the same terms as authorized insurers, subject to specified conditions and requirements.

• Requires surplus lines insurers participating in depopulation programs to maintain $50 million surplus, A.M. Best rating of A- or better, sufficient reinsurance to cover 100-year probable maximum hurricane loss twice per season, and provide notice to policyholders that surplus lines policies lack Florida Insurance Guaranty Association coverage.

• Requires participating surplus lines insurers to remit special deposits equal to unearned premiums (net of commissions) within 10 days of policy assumption, with quarterly reporting and adjustments thereafter.

• Authorizes Citizens Property Insurance Corporation to release underwriting and confidential claims files to authorized insurers, reinsurance intermediaries, eligible surplus lines insurers, and entities with pending property and casualty insurance applications when considering coverage of corporation-insured risks.

• Clarifies that only transfer of policy files to insurers (not other file transfers) changes the public record status of files held by the corporation.